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I have a student loan that is in collections right now. I want to go back to school but the Financial Aid office cannot grant me financial aid due to this situation. If I pay the loan in payments could the school give me financial aid then or do i have to wait until the loan is paid off to go back to school?
What you need to do is call your student loan providor and tell them that you want to make a fair and reasonable payment plan. You will then need to make about 6 months to a year og payments in order to 'rehab' your loan. Once your loan is no longer in default you will again be eligable for aid. You do not have to pay the entire balance just the defaulted balance. You could also see if they would be willing to grant you a defferment.
thanks a lot i really appreciate the help.